I am 55 years old and in my line of work (which is not very stable in terms of continous employment) , it has become industry norm to require at least 1 full year before you can contribute to 401k .

So, if I leave my present job, I won't be able to contribute for another year with the new company . Then, say if I leave the new job after 11 months , then the next company still is going to require 12 months of work before I am allowed to contribute .

I know government has some exceptions for those who are closer to the retirement age when it comes to IRA contribution . I wish they (government) could also do something about the 401k and waiting period , specially for those 55 and older .